Topic: What happens to money if exchange gets hacked? (Read 224 times)
Exchange hacked = you get hacked. Exchanges don't keep everything online but still would be a significant loss if it were to happen.
Regarding Nicehash hack and losing some BTC i have some money on exchanges, real money not USDT nor coins. Real EUR and US.
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
I don't think hackers in the crypto world have that much interest towards anything else other than crypto currencies. Stealing real money would be stupid in my opinion since it will be easily traced. Which is why your fiat may be safer in exchanges compared to your cryptos in exchanges. But still, prevention is better than cure, being labeled as paranoid is better than being labeled as stupid. What you do today will determine your future so be wise on all your decisions.
There are always risks to lose your money when exchange gets hacked. And you should not put all your money on exchange, in case, you want to trade for daily, you can share your money on different exchange. Never put all in a basket
Just don't put all the money in single exchange , trade on different exchange to reduce risks because trader no choice and must keep money in exchange for daily trade, so choice some big volume exchange and active 2FA is important to secure your account 
Hmm, I don't think hackers would go after fiat money! They wouldn't want to leave any traces of their identity. But yes, if an site/exchange gets hacked and loses a lot of money, then they might shut their operations which eventually means your money is also lost. Especially centralized companies are more at a risk of it.
Regarding Nicehash hack and losing some BTC i have some money on exchanges, real money not USDT nor coins. Real EUR and US.
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
No i don't think so, because the fiat were securely stored in the bank so, if the exchange were hacked their cash will forever be safe on your bank account but your crytocoin were not once they break in your wallets' database it's game over for that exchange so, if i were you don't put all of your coins in the exchange or don't use it as a wallet because exchange are now the easiest target for the hackers. If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
You send your money to their bank account, so your money is still there, but for usdt, you can lose your money, if usdt is stolen and it is valid for other coins
Regarding Nicehash hack and losing some BTC i have some money on exchanges, real money not USDT nor coins. Real EUR and US.
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
Real money(fiat) is definately easier to steal of the two but one problem that comes with fiat is it will always leave a money trail and the owners of money could easily request for their money through their bank who would chargeback this transfer as its unauthrorized, and as for crypto coins maybe back then it was easier as cold storage, muti sig,2fa and all other secondary security measures werent common but now with this security its easy to avoid losing money in this kind of a manner. If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
There are always risks to lose your money when exchange gets hacked. And you should not put all your money on exchange, in case, you want to trade for daily, you can share your money on different exchange. Never put all in a basket
Hacker will simply exchange your USDT or USD into one of the crypto and than will withdraw it out if he have login details of all users but if he have access to cold wallet of bitcoin than the one with fiat in exchange might remain in safer side unless hacker will leave database unharmed.
Your real money will not be affected IMO, what hackers look for is for is BTC most of the time, so going after fiat will look stupid IMO, most if not all the exchanges hacks is all about Cryptocurrencies missing
Regarding Nicehash hack and losing some BTC i have some money on exchanges, real money not USDT nor coins. Real EUR and US.
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
You will lose your bitcoins if your exchange gets hacked recently it happened with nicehash so you never store big amount of bitcoins on exchange wallet if you do it then if anything happens then you will lose your money,there is also possibility for exchange shutdown so you can't get back your bitcoin.
I think this is in the risk that all of us tacke when buying in the exchanges. One possible solution to eliminate this risk is to activate the two factor verification in case you want to withdraw fiat or money (fiat). All the exchanges offer it. You should also activate it while loging in, and in case you've done it note down the master key in case you lose your android or stops working.
I agree, 2fa must be connected. Hackers can break anything.There are no other options if you trade on the stock exchange every day. We have to keep our bitcoins there and worry. The danger of theft always exists.
I think this is in the risk that all of us tacke when buying in the exchanges. One possible solution to eliminate this risk is to activate the two factor verification in case you want to withdraw fiat or money (fiat). All the exchanges offer it. You should also activate it while loging in, and in case you've done it note down the master key in case you lose your android or stops working.
Nope don't think it is possible anymore. Most quality exchanges don't have all their funds available at the moment and I believe 95-98% of the funds are in cold storage. You should feel safe when your funds are on an exchange but that being said I wouldn't keep any of my funds on an exchange unless I was planning to trade them.
Regarding Nicehash hack and losing some BTC i have some money on exchanges, real money not USDT nor coins. Real EUR and US.
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
If exchange gets hacked is it possible for hacker to steal real money easy as they could steal coins?
Jump to: